Pakistan’s markets regulator issued new guidelines for digital lending in the country, cracking down on several sketchy practices that it said have become prevalent in the South Asian market.
The Securities and Exchange Commission of Pakistan said Wednesday evening that non-banking finance companies that disburse loans through digital channels including mobile apps will be required to disclosure key fact statements such as the credit amount they are granting to consumers, annual percentage rates, duration of the loan, and “all fee and charges.”
